The legal fight between Binance .US and the Securities and Exchange Commission (SEC) has deepened as the regulator attempts to manipulate public opinion . Binance has responded strongly to these allegations which shed light on the ongoing battle between traditional finance and the cryptocurrency industry .
SEC’s Aggressive Stance on Crypto Sector
Since the beginning of the year the SEC has been persistently targeting the crypto sector by refusing to let go of its grip on regulation . In early June Binance .US and Coinbase were sued by the SEC as they were accused of providing unauthorized services for the purchase and sale of securities . However the legal frame that surrounds cryptocurrencies remains ambiguous and the determination of whether they are securities lies with the American Congress rather than the SEC .
Binance .US Fights Back Against Unfounded Charges
Binance .US is currently defending itself against the SEC’s claims which its legal team says to be baseless . In a motion filed with the judge Binance’s attorneys highlighted the SEC’s attempt to manipulate public opinion through rumors and false accusations . They called out a news article by SEC Director Gurbir Grewal who is the head of the enforcement department published on June 17 which implied that Binance abuses customer assets without providing any evidence to support the claim .
A Battle of Manipulating Public Opinion
As the legal battle between the crypto industry and the SEC unfolds both sides are making use of various strategies to weaken their opponents . The manipulation of public opinion has become a powerful means in this fight . While the truth behind the allegations remain uncertain the lack of evidence and contradictions weaken the SEC’s position in this particular case .
The Ongoing War Between Old and New Finance
The tension between traditional finance and the crypto industry continues to spiral . The outcome of this battle will determine the future strength or weakness of exchanges like Binance and Coinbase . However one thing is certain . The war between old and new finance is far from over . As the regulatory landscape evolves the clash between established financial institutions and the disruptive force of cryptocurrencies will shape the future of the financial industry .
